Clinical Data buys Adenosine Therapeutics

Biotechnology company Clinical Data Inc. said today that it bought privately held Adenosine Therapeutics LLC for about $11 million in cash, with plans for future payments, in a move to boost its development pipeline.

The future payments include a $22 million, five-year promissory note and a separate $3.2 million, 32-month promissory note. The deal also includes possible milestone payments up to $30 million.

The deal gives Clinical Data a developing stress agent used in myocardial perfusion, or heart scans that evaluate function and blood flow. It also gives the company a pipeline with treatment candidates for heart conditions, diabetes, inflammatory diseases, and sickle cell anemia.

"This transaction broadens our portfolio of drug candidates in selected specialty markets," said Drew Fromkin, president and chief executive of Clinical Data.

Shares of Clinical Data rose 32 cents, or 2 percent, to $16.79 in morning trading. The stock has traded between $12.74 and $28.90 over the last 52 weeks. (AP)